Stock discussions

[meranaam]

12 minutes ago, Vaaaampire said:

First scenario adey kada cheppindi @Spartan

but 2023 tax year ki I only have 20k loss baa no profit at all....in 2024 i have 30k profit...no loss

[Konebhar6]

1 hour ago, meranaam said:

@Spartan baa question about tax loss harvesting

 

lets say 2023 lo 20k stock loss with no profit.......2024 lo 30k stock profit...with no loss

for 2023 tax filling we can only deduct 3k loss from total income

for 2024 tax filling, which of the below is true?

1. 30k profit from 2024 - remaining 17k loss from 2023 = pay tax on 13k profit

2. 30k profit from 2024 - 3k yearly loss carry forward from 2023 (still 14k loss left to carry forward for future years) = pay tax on 27k profit

For 2023 you can only deduct $3k as losses and $17k carry over to future years. Even in 2024 you can use only $3k loss like wise every year. 

However if you have 20k profit and 20k loss in the same year, your net gain will be 0. 

[Spartan]

10 minutes ago, meranaam said:

but 2023 tax year ki I only have 20k loss baa no profit at all....in 2024 i have 30k profit...no loss

you can   @meranaam

 only do 30-3 = 27K

[Spartan]

1 minute ago, Konebhar6 said:

For 2023 you can only deduct $3k as losses and $17k carry over to future years. Even in 2024 you can use only $3k loss like wise every year. 

However if you have 20k profit and 20k loss in the same year, your net gain will be 0. 

yes multi year extend cheste....there is limitation that you cannot use those entire losses when needed

[Konebhar6]

4 hours ago, nvssr said:

@Konebhar6 Bro - E Annuties enti? 401k account ni or IRA accounts ni move chekovachu akkuva returns antunnaru anyone any idea?

Looks like if there is a good amount in your 401k you can move some of these to buy annuities it seems. Annuities are sold by insurance companies to provide an income stream at retirement. Basically they control your money and based on the contract they make payments. But the contracts are very complex it seems and the fees are high. They have to pay to the middlemen who sold annuity to us.

Not sure its a good idea as you lose control over your money. You can get access but has to pay penalty. 

[Spartan]

14 minutes ago, meranaam said:

but 2023 tax year ki I only have 20k loss baa no profit at all....in 2024 i have 30k profit...no loss

 

IRS odu tax enduku vadulkuntadu cheppu...

a 3K limitation edo oorata kosam istunnadu...

oka year full profit undi..inko year full loss laga chala mandi plan cheskovachu...

to avoid taxes... anduke...

use it all at once for the same tax year....or prolong it until u exhaust @3K per year rate

[Konebhar6]

5 minutes ago, Spartan said:

yes multi year extend cheste....there is limitation that you cannot use those entire losses when needed

I dont think there is an option to not extend the losses. The max you can do is $3k per year unless its the same year you have losses and gains. 

[Spartan]

2 minutes ago, Spartan said:

 

IRS odu tax enduku vadulkuntadu cheppu...

a 3K limitation edo oorata kosam istunnadu...

oka year full profit undi..inko year full loss laga chala mandi plan cheskovachu...

to avoid taxes... anduke...

use it all at once for the same tax year....or prolong it until u exhaust @3K per year rate

 

1 minute ago, Konebhar6 said:

I dont think there is an option to not extend the losses. The max you can do is $3k per year unless its the same year you have losses and gains. 

ade cheptunna anna...

if you are not using your entire losses on taxes in the same year...

you cannot do more than 3K per year on losses

[Spartan]

inko example for clarity.

2023 year - income 100K, Capital Gains 40K , Capital Loss- 60K  = so total Net Capital Loss = 20K.

tax filing.

option 1 - 100K - 20K -other deductions

option  - 100K - 3K - other deductions.  (endukante u cannot claim more than 3K net loss for given year)

 

In 2024 income = 120K, net capital gain= 30K

paina option 2 use cheste...

u can only do  120 +30 -3 -other deductions. ,  but cannot do 120+30-17

 

@meranaam hope this clears

[meranaam]

4 minutes ago, Spartan said:

 

ade cheptunna anna...

if you are not using your entire losses on taxes in the same year...

you cannot do more than 3K per year on losses

I thought soo baa...but ee kinda article lo "Tax Loss Carryovers" section chudu...they say we can make use of those prior year losses in any future year gains annadu (more than 3k).

 

https://www.investopedia.com/articles/investing/111315/deducting-stock-losses-guide.asp


expats group lo kuda disco gng baa...some say we can vs we cannot..

https://www.facebook.com/groups/630370187740345/posts/1576597626450925/?comment_id=1577122889731732&notif_id=1706850376566599&notif_t=group_comment_follow

[meranaam]

3 minutes ago, Spartan said:

inko example for clarity.

2023 year - income 100K, Capital Gains 40K , Capital Loss- 60K  = so total Net Capital Loss = 20K.

tax filing.

option 1 - 100K - 20K -other deductions

option 2 - 100K - 3K - other deductions.

 

In 2024 income = 120K, net capital gain= 30K

paina option 2 use cheste...

u can only do  120 +30 -3 -other deductions. ,  but cannot do 120+30-17

 

@meranaam hope this clears

how is it possible to do Option-1 baa? net capital loss 20k unna kuda you can only deduct 3k loss for that year from Gross Income kada?

[Spartan]

4 minutes ago, meranaam said:

I thought soo baa...but ee kinda article lo "Tax Loss Carryovers" section chudu...they say we can make use of those prior year losses in any future year gains annadu (more than 3k).

 

https://www.investopedia.com/articles/investing/111315/deducting-stock-losses-guide.asp


expats group lo kuda disco gng baa...some say we can vs we cannot..

https://www.facebook.com/groups/630370187740345/posts/1576597626450925/?comment_id=1577122889731732&notif_id=1706850376566599&notif_t=group_comment_follow

 

ledu anna ... IRS clearly states it as lesser of 3K or your total losses for that year.   red color lo highlight chesindi chudu

check this IRS link:  https://www.irs.gov/taxtopics/tc409

Limit on the deduction and carryover of losses

If your capital losses exceed your capital gains, the amount of the excess loss that you can claim to lower your income is the lesser of $3,000 ($1,500 if married filing separately) or your total net loss shown on line 16 of Schedule D (Form 1040), Capital Gains and Losses. Claim the loss on line 7 of your Form 1040 or Form 1040-SR. If your net capital loss is more than this limit, you can carry the loss forward to later years. You may use the Capital Loss Carryover Worksheet found in Publication 550 or in the Instructions for Schedule D (Form 1040)PDF to figure the amount you can carry forward.

[Spartan]

2 minutes ago, meranaam said:

how is it possible to do Option-1 baa? net capital loss 20k unna kuda you can only deduct 3k loss for that year from Gross Income kada?

 

yes option 1 is mistake. nenu GainLoss scenario ki confuse ayya..

if it is net total loss of 20K... then you can do only 100-3k  not 100-20.

will correct above post

[Spartan]

atu tippi itu tippi nanu confuse chesi dobbaru mugguru.. 

 

ippude freshup ayi...taxes lekka patralu chuskundam ani kurchunna.....

ika repatiki vayida vesta....   @Konebhar6 @Vaaaampire @meranaam

pakkana @AFC  vese nsta reels chuskunta inka

[AFC]

2 minutes ago, Spartan said:

atu tippi itu tippi nanu confuse chesi dobbaru mugguru.. 

 

ippude freshup ayi...taxes lekka patralu chuskundam ani kurchunna.....

ika repatiki vayida vesta....   @Konebhar6 @Vaaaampire @meranaam

pakkana @AFC  vese nsta reels chuskunta inka

https://www.instagram.com/reel/C10v6NRq0pX/?igsh=MTJqbHVlbDl5Y29pMA==